In the literature on price characterization of optimal paths in stationary models of optimal growth, distinct “transversality conditions” have been presented, depending on whether or not utilities are discounted. In the ...

This article presents and discusses a maximum principle for infinite horizon constrained optimal control problems with a cost functional depending on the state at the final time. The main feature of these optimality ...

This article presents and discusses a maximum principle for infinite horizon constrained optimal control problems with a cost functional depending on the state at the final time. The main feature of these optimality ...

Wary consumers overlook gains but not losses in remote sets of dates or states. As preferences are upper but not lower Mackey semi-continuous, Bewley's (1972) [4] result on existence of equilibrium whose prices are not ...

Necessary conditions of optimality in the form of a maximum principle are derived for state constrained optimal control problems with infinite horizon. A notable feature of our optimality conditions is the derivation of ...

Necessary conditions of optimality in the form of a maximum principle are derived for state constrained optimal control problems with infinite horizon. A notable feature of our optimality conditions is the derivation of ...

This paper analyzes the solutions of the canonical and hybrid New Keynesian IS curve difference equation. It shows that the usual forward solution is ruled out because it is at odds with the underlying economic theory. ...

This paper analyzes the solutions of the canonical and hybrid New Keynesian IS curve difference equation. It shows that the usual forward solution is ruled out because it is at odds with the underlying economic theory. ...